-LRB- CNN -RRB- -- The European Union is considering lifting some of its sanctions on Libya , a spokeswoman for the group of nations told CNN Wednesday , a day ahead of a top-level diplomatic summit on post-Gadhafi Libya .

Sanctions will remain in place on Moammar Gadhafi and other individuals , the EU said , but restrictions on ports , oil and gas companies and financial institutions may be removed by the end of the week .

And Italy and Spain announced Wednesday they were lifting blocks on Libyan assets frozen to put pressure on the Gadhafi regime .

Italy is releasing 500 million euros -LRB- $ 720 million -RRB- `` to give further support to our Libyan friends , '' Italian Foreign Minister Franco Frattini said .

He also said the Italian embassy in Tripoli , Libya 's capital , will reopen September 1 , and that diplomats , administrative officials and experts will begin arriving soon . Frattini said he would propose the appointment of the new Italian ambassador to Libya at Thursday 's council of ministers meeting .

Spain is releasing 16 million euros -LRB- $ 23 million -RRB- and may unfreeze more , Prime Minister Jose Luis Rodriguez Zapatero announced .

And Germany recognized the rebel envoy to Berlin as Libya 's official ambassdor , asking Gadhafi 's representative to leave .

Jamal El-Barag has until September 15 to leave , the German Foreign Office said after accrediting Aly Masednah El-Kothany as the new Libyan representative to the country .

Separately , U.S. Secretary of State Hillary Clinton , French President Nicolas Sarkozy , British Prime Minister David Cameron and NATO Secretary General Anders Fogh Rasmussen are among those meeting in Paris Thursday to hammer out a way forward on Libya .

Debates are set to include the freeing of Libyan assets and what a United Nations mission to Libya would entail , U.S. and Western diplomats said Wednesday .

A timetable for elections is also on the agenda , they said .

Sixty delegations are slated to attend the Friends of Libya conference , which aims to formally welcome the north African nation back into the international community after the toppling of Gadhafi by rebels with NATO support .

The new authorities , the National Transition Council , would have to formally request U.N. assistance on matters such as election support and institution-building , and the Security Council would have to approve the mission .

The diplomats will also discuss helping Libya restore basic services and get the oil industry running again .

The EU sent an assistance team to Libya Monday as Tripoli faced food and water shortages .

CNN 's David Wilkinson , Elise Labott , Al Goodman and Stephanie Halasz and Journalist Livia Borghese contributed to this report .

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NEW : Italy and Spain release hundreds of millions of euros in blocked Libyan assets

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Restrictions on ports , the oil and gas industry and financial institutions could be removed this week

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World leaders meet in Paris this week to hammer out a way ahead on Libya after Gadhafi

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They 'll discuss elections , freeing assets and how to restore basic services